Nick Fury has been fired as head of SHIELD by the US government and two new World powers have emerged, one taking over China and the other Europe. The nation of Tian is the Ultimate universes' version of The Eternals and Celestials. An insane Reed Richards rules The Children of Tomorrow. The US President fires the entire arsenal of nuclear bombs at them--though it only destroys eight precent of their nation. They retaliate--and Washington DC is vaporized.
Thor wants vengeance on Reed Richards, since they had destroyed Asgaard as well, and Tony Stark agrees the help him. But Tony Stark's brain tumor has returned and this may kill him. The two go to the new President but he thinks the two superheroes are too dangerous. The President makes a deal with Reed Richards, to basically leave his nation alone--and delivers him a token gift of a bound Tony Stark...
This most recent Ultimates graphic novel escalates things on a world-wide scope, making the events with Magneto flooding New York City pale in comparison. Recommened.